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  • Japan considers making bitcoin a legal currency

    From theguardian.com

    Japan’s governing Liberal Democratic party is planning to propose legal changes that would define bitcoin and other cryptocurrencies as currencies. The changes would mean bitcoin could be more tightly regulated and taxed, and are likely to lead to more investment in developing cryptocurrency infrastructure in Japan. Tomonori Kanda, an official in the financial affairs section at the party’s headquarters, said legislative changes were discussed on Wednesday and the LDP aimed to raise the matter in parliament. “There is a long way to go,” he said. “But we have discussed reform and believe it is the right way ... (full story)

"The changes would mean bitcoin could be more tightly regulated and taxed, and are likely to lead to more investment in developing cryptocurrency infrastructure in Japan."

Isn't that precisely what bitcoin was supposed to avoid?

Meanwhile the bitcoin zealots will hoot and holler that their play money is becoming "legitimate".....yes, legitimately controlled by the central banks.
Fantastic people are starting to recognise the future of money, sad some will be left in the stone age but..... every development in the worlds history was met by nee speak and objection, including, the car, the aeroplane, the train, the mobile phone, the internet, the ...fill the gap
so no more forex? maybe this will become bitcoin factory? lol
Will USD/JPY be raised by this news (YEN will be lowered, same result as the end of Jan2016 : Japan gov can swap YEN and USD again at the start of Mar2016)?

What can Bitcoin buy on the Japan gov? Gov Bonds?
Governments never do anything unless it is in their interest. Funny this type of talk coming out of Japan as they still love cash. I have a debit card here and can not use it anywhere. Credit cards are only recently gaining popularity and this is only for their point systems that are included. Good luck getting a country that doesnt really like credit to take up bit coin. And lets not forget Mt Gox....

Bit coin has a chance to become a currency, but id say only when central governments or banks are able to control it.
Nothing beats Gold and Silver...They've been historically the best store of value and wealth. I don't trust cryptocurrencies
Simplicity is the key to brilliance.
im guessing they have exhausted all resources to fight deflation with the yen but to no avail. and are thinking of "abandoning ship"
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Quoting Inceptionist
Nothing beats Gold and Silver...They've been historically the best store of value and wealth. I don't trust cryptocurrencies
Agree on Gold and Silver, but, a 2 or 3% allocation of Bitcoin would be wise in anyones portfolio (it has outperformed every other asset class for the past 3 years !)
Among the mountain of problems with BTC is how much computing power it takes to process a transfer. To ramp it up to handle even 1% of sales would cause global warming. In the end though there is simply no benefit to it, the proposed Cosmo, or anything else. All they do is complicate or add a layer to what we have.
They could buy all the bitcoins they could get, then mine like crazy spending a fortune in yen and then perhaps the yen will fall.
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  • Story Stats
  • Posted: Feb 25, 2016 1:11pm
  • Submitted by:
     Newsstand
    Category: Forex Industry News
    Comments: 10  /  Views: 3,762